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Tags: forbes | wealth | emoluments clause | president | tax returns

Trump Tumbles Down Forbes 400

President Donald Trump appears through a sea of campaign banners and pickets during a rally.
President Donald Trump (Sean Rayford/Getty Images)

By    |   Tuesday, 02 October 2018 03:59 PM EDT

President Donald Trump's bottom line has taken a big hit since taking office, Forbes reported Tuesday.

According to the publication, Trump has dropped from $4.5 billion in 2015 to $3.1 billion the last two years, knocking him 138 spots lower on the latest Forbes 400 wealth listing.

The full Forbes 400 list is due for publication Wednesday. Trump was the 248th wealthiest person in America on the 2017 list.

"Trump's mixture of politics and business has proved to be a net loser for him so far . . . to the tune of an estimated $200 million hit against his net worth," Forbes' Dan Alexander and Chase Peterson-Withorn wrote.

The outlet attributed the drop to "deeper reporting" that cast doubt on Trump's own claims about his money; broader market forces that have made real estate and brick-and-mortar retail markets less lucrative; and the president's polarizing brand of politics on his business.

According to Forbes, Trump's wealth is decreasing even as the president has taken steps to boost his revenue while in office, according to Forbes. Those steps include Trump launching his re-election campaign just after the November 2016 race, which kept donations coming in that Forbes reports have been used by Trump's companies.

Neither the Trump Organization nor the White House commented on the Forbes listing, but Eric Trump, who co-manages the Trump Organization on behalf of the president, issued a statement blasting the report.

“My father made a tremendous sacrifice when he left a company that he spent his entire life building to go into politics," the statement declared. "Everything he does is for the good of the American people — he has zero involvement in the Trump Organization and quite frankly to suggest otherwise is outrageous."

Trump refused to fully divest from his business empire after winning the 2016 election against Hillary Clinton, instead transferring his assets to a trust run by his sons, Eric Trump and Donald Trump Jr., as well as the Trump Organization's chief financial officer Allen Weisselberg, according to CNBC.

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Since taking office, President Donald Trump's bottom line has taken a big hit, according to a Forbes 400 report Tuesday.
forbes, wealth, emoluments clause, president, tax returns
Tuesday, 02 October 2018 03:59 PM
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